All Forum Posts by: Michael Morin

@Sterling Wyatt, Thank you for the tip that makes perfect sense. I'm definitely going to take a HELOC and use it wisely. I dont plan on using the whole sum, I like the idea that it works kind of like a credit card.

@Jamal Issah, Thank you for the tip I’ll definitely do that! Comparing rates and terms is for sure on my radar.

@Steve Orluski, Talk about rolling the dice. I Don’t know about the tenets over there however it has been getting better in some spots.

@Kerry Baird, Hey Kerry thank you for the response! So I'm curious about the debt to income. Wont your debt to income to effected either way? For example, if I had a 100k HELOC or if I had a mortgage for 100k? Either way it's going to show up on my credit report as debt or am I confused about something?

@Suzanne Player, Thank you so much for the input it’s definitely something I’m going to consider! I appreciate someone’s opinion and the way they would handle certain situations. I am going for the long term, multiple rental, buy as many as I can game. Do you happen to know any lenders I can talk with, I’m in contact with one but she seems to be veering me away from getting in the game. I need some investor friendly and knowledgeable people on my team, like you!

@Steven D'Agata, Hey! Yea I’m looking for a 2 family but I’m not opposed to single family either. How is the market up in Sullivan, I know a lot of people move up there because Orange County is getting expensive. Are you seeing a trend and growth of people moving into the area ?

@Chris Szepessy, any tips for a newbie?

@Chris Szepessy, That’s Great to know that there’s a lot of people from Hudson Valley on this site, I am looking forward to connecting with people from our area. So I am from Chester New York and being that I’m still looking for my first property I would like to invest close to my home. Areas around me are extremely expensive, so I don’t mind going A little more north but I would like to stay in orange county or Sullivan County for my first rental property. Where do you invest ?

Hey any investors in Upstate NY?? I’m a newbie and I’m ready to start in the Hudson valley Ny area. What are your thoughts on this market. Seems to be growing over the years and the market is hot. What are your toughest in getting into this market for someone just starting out?

@Suzanne Player

Hey Suzanne! Thank you for the response!! Yes I did look into the cash out refinance option also, one thing I like about the HELOC is I can pay back and keep using it like a personal bank from myself. Also the more or less I use will depend on how much the monthly payment will be so I feel like a HELOC is little

More practical and flexible. I guess both can be risky in a sense because if you take a cash out refi, monthly mortgage will go up also. Have to make sure that payment will be made either way. To answer your question, I would like to use about $100,000 to purchase a property without having to take a mortgage, fix it up, the refi into a 30 year fixed mortgage then pay back the HELOC, depending on how the bank feels about my plan. Any experiences on that strategy?